Nomura has begun offering customers bitcoin over-the-counter derivatives, it said on Friday, the latest move in the cryptocurrency industry by a traditional financial institution, even as the market is turbulent.
The trades on CME this week by crypto asset trading firm Cumberland DRW were the Japanese investment bank’s first digital asset trade, Nomura’s head of markets, Asia ex-Japan, Rig Karkhanis said in a statement.
“Working with institutional-grade counterparts will help us address the growing demand from our customers,” he said.
Many global investment banks are looking to offer more crypto-related services to clients, he says, in response to demand from institutional investors and private clients for access to the rapidly growing sector.
However, crypto markets declined this week, as TeraUSD, one of the world’s largest stablecoins, sent digital tokens, which were already swept up in the sale of risky assets, into a recession.
Bitcoin hit a 16-month low of around $25,400 on Thursday.
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